Overstock.com's tZERO Announces Launch of Digital Currency Wallet

Overstock.com (OSTK - Get Report) shares were rising Thursday after the online retailer's tZERO subsidiary announced that it was launching a digital wallet and exchange app for cryptocurrencies.

Investors will be able to buy, sell and hold digital assets on their mobile phone through the new tZERO Crypto App. The company said this option is more secure than the more vulnerable, third-party exchanges used for most crypto transactions.

"One of my goals since I joined the company is to provide an intuitive user experience on both mobile and the web to trade all digital assets, including cryptocurrencies," tZERO CEO Saum Noursalehi told Reuters. "The new app will become the foundation of trading all digital assets for tZERO, whether it's art, real estate, or private companies."

The company said the app, which is available in both the Apple App and Google Play stores, offers a safe place to store bitcoin and ethereum digital coins on a phone and features biometric security and wallet recovery if user loses his keys.